Cap. 123 Art. 31ATaxation of rental income received from the Housing Authority.

(1) Notwithstanding any other provision of the Income

Tax Acts or any regulations issued thereunder, this article shall apply where any person rents immovable property to the Housing

Authority for a period of not less than ten years.

(2) The tax chargeable in the circumstances mentioned in sub-article (1) shall be at the rate of 5% of the gross rental income received. Such tax shall be final and not be available as a credit against the tax liability of the said person or refundable to him in any way.

(3) The Housing Authority shall deduct the tax mentioned in sub-article (2) when making any payments of rent to which this article applies and shall render an account to the Commissioner of all amounts so deducted specifying amounts and details of the recipient.

(4) The Housing Authority shall remit the tax deducted in accordance with sub-article (3), together with the account mentioned in the said sub-article, to the Commissioner by the fourteenth day following the end of the month during which the rent was paid.